Paul Bunn, Joey Hogan Move Up At Covenant Transport Wednesday, April 7, 2021
Covenant Logistics Group, Inc. announced key changes to the executive leadership team.
Chairman and Chief Executive Officer David R. Parker commented: “Based on the successful execution of our strategic plan during 2020 and the rate of improvement in 2021, we are accelerating the planned evolution of our management team. We have great confidence in the next generation of leaders, and it is time for them to enhance their contribution. To this end, I am excited to announce the creation of the Office of the CEO. I will remain Chairman and CEO, Joey Hogan will be President and Paul Bunn has been promoted to Senior Executive Vice President and Chief Operating Officer, both reporting to me.
Combined Truckload Revenue
Mr. Parker commented on truckload operations, “For the quarter, total revenue in our truckload operations decreased 17.2%, to $145.7 million, compared to 2019, consistent with our plan to refocus our asset-based fleet around Dedicated and Expedited operations while downsizing solo-driver refrigerated and reducing one-way irregular routes and other less profitable operations. The revenue decrease consisted of $21.4 million lower freight revenue and $8.9 million lower fuel surcharge revenue. The decrease in freight revenue primarily related to a 17.8% average operating fleet reduction partially offset by a 4.5% increase in average freight revenue per tractor per week. Average freight revenue per total mile increased slightly by 1.0 cent per mile, or 0.4%, compared to the 2019 quarter, while average miles per tractor increased by 4.1% as a higher team percentage offset an increase in unseated tractor percentage to 6.2% for the fourth quarter of 2020, from 1
Quarterly Results
Earnings per share increased 510.00% year over year to $0.61, which were in line with the estimate of $0.61.
Revenue of $225,228,000 decreased by 3.39% year over year, which missed the estimate of $228,070,000.
Guidance
Covenant Logistics Group hasn t issued any revenue guidance for the time being.
Technicals
Company s 52-week low was at $13.23
Price action over last quarter: Up 3.63%
Company Overview
Covenant Logistics Group Inc, formerly Covenant Transportation Group Inc, together with its wholly-owned subsidiaries offers truckload transportation and freight brokerage services to customers throughout the continental United States. The company s reportable segments include Highway Services, Dedicated Contract Services, Managed Freight, and Factoring. Highway Services are further divided into Expedited and OTR while Managed Freight is divided into Brokerage, TMS(Transportation management services, and Warehousing. The Highway and the Dedicated segments cont
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